Michael closed on his new home December 31,2018 instead of January 1,2019.As a result,Michael:
A)accelerated tax deductions in 2018.
B)accelerated tax deductions in 2019.
C)increased his adjusted gross income in 2018.
D)delayed the receipt of income in 2018.
E)delayed the receipt of income in 2019.

Question

Quizplus · Accepted Answer

Closing on a home before the end of the year allows a homeowner to deduct certain home purchase-related expenses on that year's tax return, thus accelerating tax deductions into 2018 in this case.

Michael Closed on His New Home December 31,2018 Instead of January